How do merchant payment solutions work?

 

Every business has different needs. Therefore, making the correct payment processing choice for your business will not only help you with cost-cutting but also enhance user experience.

Below are listed 10 tips to choose the best one among the merchant payment processing companies available in the market?

1.       Select the correct payment flow

2.       Choose the correct product company

3.       Safety and security of your customers should be a priority

4.       Study fees and service agreement thoroughly

5.       Payment processor should have easy check-out feature from all devices

6.       Choose one with multiple useful features

7.       Selected one which can be easily integrated

8.       Payment processor should allow in-store, online and mobile payments

9.       Choose one with recurring billing structure

10.    Should have an efficient 24*7 customer support 


                                                                     Merchant Payment Solutions

How do online merchant payment solutions work?

Accepting credit cards in modern world is crucial for your business. Hence, it is important to understand the steps involved in online credit card transactions:

1.       A customer enters the details of his credit card on the secured business website.

2.       The website sends a transaction request from the server to the bank’s payment gateway. The payment gateway has the same role as that of a POS terminal during in-store card processing event.

3.       After the transaction request is relayed to the customer’s issuing bank, the issuing bank yields results to both merchant and the customer.

4.       If the transaction is approved, the issuing bank transfers the stipulated amount of purchase to the merchant’s account.

5.       If case of a transaction decline event, the bank will notify both customer and merchant of a failed transaction asking you to retry once again

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